Wednesday, May 27, 2009

Critics Assail Congress for Using Subpoena Powers and Strong-Arm Tactics

On Oct. 23 last year, William Frey, the president of a company that puts together mortgage-backed securities, told the New York Times that he had been contacting banks and threatening to sue them if they renegotiated mortgages for homeowners facing foreclosure.

Providing better terms for homeowners, Frey explained, would mean reducing the value of the mortgage-backed securities held by investors like himself.

Continue reading at

Labels: ,